"All of our buildings will eventually be brought into the theater district," Rosen tells GlobeSt.com. "The acquisition of this property and the construction of the other buildings will be financed through the proceeds of the sale of buildings in the Back Bay."

The 120-year old school has been in the Back Bay since its inception. In the early 1990s, Emerson started to buy up buildings on the outskirts of the theater district, in a part of the city known as the "Combat Zone" because of that area's dangerous reputation and its proximity to the city's adult entertainment industry. In the decade since, that area has undergone a transformation and a commercial center – the Ritz Carlton towers--is set to open on the next block.

Emerson now owns 180 Tremont St., 216 Tremont St. and the Emerson Majestic Theater that the college bought in 1983 just before it was demolished. Last year Emerson announced plans to build a building behind the theater that would house two theaters, two television studios and a variety of labs and classrooms. Another building, on 80 Boylston St., was purchased in 1995 and is being converted to a cafeteria, fitness center and bookstore. A college library and classrooms is being built at 120 Boylston St.